Imperial period

Russian Paper Money | Imperial period | 1786-1818 serie

The banknotes made money exchange easier and therefore were very popular. Notes of 5 and 10 rubles were introduced. But the number of notes in circulation was so big that in the end of the 18th century their real price began decreasing. In 1790 one paper ruble was worth 87 kopeks (1/100 of a ruble), in 1796 - 79 kopeks, in 1997 - 70. The need to finance the wars led by Russia in the beginning of the 18th century led the price to sink to 25.4 kopek. At last, in 1814-1815 the price reached the bottom of 20 kopeks for one paper ruble. Only the fact that all payments to the state were obligatory done in paper money helped the paper ruble to maintain a constant (thought still very low) exchange rate.

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